1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 4, 2025 [1][4][5]. 3. Summary According to Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 4, 2025, the domestic spot price was 86840, the LME spot price was 10886, with a ratio of 7.99; the domestic three - month price was 87380, the LME three - month price was 10912, with a ratio of 7.97. The equilibrium ratio for spot import was 8.09, and the profit was - 840.38 [1]. - **Zinc**: The domestic spot price was 22340, the LME spot price was 3207, with a ratio of 6.97; the domestic three - month price was 22595, the LME three - month price was 3077, with a ratio of 5.65. The equilibrium ratio for spot import was 8.50, and the profit was - 4933.31 [1]. - **Aluminum**: The domestic spot price was 21440, the LME spot price was 2906, with a ratio of 7.38; the domestic three - month price was 21605, the LME three - month price was 2911, with a ratio of 7.38. The equilibrium ratio for spot import was 8.33, and the profit was - 2776.92 [1]. - **Nickel**: The domestic spot price was 123150, the LME spot price was 15049, with a ratio of 8.18. The equilibrium ratio for spot import was 8.18, and the profit was - 1794.93 [1]. - **Lead**: The domestic spot price was 17175, the LME spot price was 1999, with a ratio of 8.62; the domestic three - month price was 17430, the LME three - month price was 2027, with a ratio of 11.07. The equilibrium ratio for spot import was 8.73, and the profit was - 228.43 [3]. Cross - Period Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 270, 350, 300, and 300 respectively, while the theoretical spreads were 537, 972, 1416, and 1861 [4]. - **Zinc**: The spreads were 215, 245, 250, and 260, and the theoretical spreads were 215, 336, 456, and 577 [4]. - **Aluminum**: The spreads were 305, 310, 300, and 305, and the theoretical spreads were 217, 336, 454, and 573 [4]. - **Lead**: The spreads were 110, 120, 90, and 130, and the theoretical spreads were 212, 319, 427, and 534 [4]. - **Nickel**: The spreads were 660, 890, 1070, and 1290 [4]. - **Tin**: The spread of the 5 - 1 contract was - 920, and the theoretical spread was 5910 [4]. Spot - Futures Arbitrage Tracking - **Copper**: On November 4, 2025, the spreads of the current - month and next - month contracts relative to the spot were 215 and 485 respectively, while the theoretical spreads were 288 and 808 [4]. - **Zinc**: The spreads were 10 and 225, and the theoretical spreads were 150 and 280 [4]. - **Lead**: The spreads were 135 and 245, and the theoretical spreads were 138 and 252 [5]. Cross - Variety Arbitrage Tracking - On November 4, 2025, for cross - variety arbitrage, the Shanghai (three - continuous) ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 3.87, 4.04, 5.01, 0.96, 1.24, and 0.77 respectively; the London (three - continuous) ratios were 3.50, 3.74, 5.36, 0.94, 1.43, and 0.65 [5].

Report Industry Investment Rating - No information provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 31, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 31, 2025, the domestic spot price was 88050, LME spot price was 11021, with a spot ratio of 8.04; the domestic March price was 87970, LME March price was 11042, with a March ratio of 7.97. The equilibrium ratio for spot import was 8.08 [1] - **Zinc**: The domestic spot price was 22250, LME spot price was 3159, with a spot ratio of 7.04; the domestic March price was 22405, LME March price was 3063, with a March ratio of 5.67. The equilibrium ratio for spot import was 8.50, and the loss for spot import was 4588.92 [1] - **Aluminum**: The domestic spot price was 21200, LME spot price was 2856, with a spot ratio of 7.42; the domestic March price was 21280, LME March price was 2861, with a March ratio of 7.42. The equilibrium ratio for spot import was 8.32, and the loss for spot import was 2576.57 [1] - **Nickel**: The domestic spot price was 123500, LME spot price was 15070, with a spot ratio of 8.19. The equilibrium ratio for spot import was 8.17, and the loss for spot import was 1464.30 [1] - **Lead**: The domestic spot price was 17150, LME spot price was 1991, with a spot ratio of 8.64; the domestic March price was 17355, LME March price was 2025, with a March ratio of 11.04. The equilibrium ratio for spot import was 8.72, and the loss for spot import was 160.71 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month and spot - month, March and spot - month, April and spot - month, May and spot - month were - 720, - 710, - 720, - 710 respectively, and the theoretical spreads were 545, 989, 1441, 1894 respectively [4] - **Zinc**: The spreads were - 15, 25, 45, 70 respectively, and the theoretical spreads were 215, 336, 457, 578 respectively [4] - **Aluminum**: The spreads were - 25, 10, 25, 35 respectively, and the theoretical spreads were 217, 336, 454, 572 respectively [4] - **Lead**: The spreads were - 20, - 15, - 10, 10 respectively, and the theoretical spreads were 212, 320, 428, 535 respectively [4] - **Nickel**: The spreads were - 270, - 140, 130, 360 respectively [4] - **Tin**: The 5 - 1 spread was - 740, and the theoretical spread was 5866 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot were 655, - 65 respectively, and the theoretical spreads were 404, 785 respectively [4] - **Zinc**: The spreads were 130, 115 respectively, and the theoretical spreads were 144, 267 respectively [5] - **Lead**: The spreads were 220, 200 respectively, and the theoretical spreads were 162, 276 respectively [5] Cross - Variety Arbitrage Tracking - On October 31, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) were 3.93, 4.13, 5.07, 0.95, 1.23, 0.77 respectively, and in London (three - continuous) were 3.59, 3.81, 5.41, 0.94, 1.42, 0.66 respectively [5]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 30, 2025, to assist in identifying potential arbitrage opportunities [1][4][5]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 30, 2025, the domestic spot price was 87,770, the LME spot price was 11,095, and the spot price ratio was 7.84; the domestic three - month price was 88,700, the LME three - month price was 11,115, and the three - month price ratio was 7.90. No profit data for spot import and export was provided [1]. - **Zinc**: The domestic spot price was 22,280, the LME spot price was 3,198, and the spot price ratio was 6.97; the domestic three - month price was 22,455, the LME three - month price was 3,065, and the three - month price ratio was 5.66. The equilibrium ratio for spot import was 8.48, with a loss of 4,825.07 [1]. - **Aluminum**: The domestic spot price was 21,170, the LME spot price was 2,904, and the spot price ratio was 7.29; the domestic three - month price was 21,330, the LME three - month price was 2,905, and the three - month price ratio was 7.31. The equilibrium ratio for spot import was 8.30, with a loss of 2,941.11 [1]. - **Lead**: The domestic spot price was 17,150, the LME spot price was 1,989, and the spot price ratio was 8.65; the domestic three - month price was 17,380, the LME three - month price was 2,024, and the three - month price ratio was 11.06. The equilibrium ratio for spot import was 8.70, with a loss of 112.78 [3]. - **Nickel**: The domestic spot price was 122,950, the LME spot price was 15,121, and the spot price ratio was 8.13. The equilibrium ratio for spot import was 8.16, with a loss of 1,245.29 [1]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot month were 1,720, 1,710, 1,650, and 1,630 respectively, while the theoretical spreads were 537, 972, 1,416, and 1,860 respectively [4]. - **Zinc**: The spreads were 155, 180, 210, and 240 respectively, and the theoretical spreads were 214, 335, 455, and 576 respectively [4]. - **Aluminum**: The spreads were 175, 210, 225, and 230 respectively, and the theoretical spreads were 217, 334, 452, and 569 respectively [4]. - **Lead**: The spreads were - 20, 5, 15, and 25 respectively, and the theoretical spreads were 212, 320, 428, and 536 respectively [4]. - **Nickel**: The spreads were 1,240, 1,390, 1,620, and 1,870 respectively [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was - 890, and the theoretical spread was 5,929 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 740 and 980 respectively, and the theoretical spreads were 214 and 950 respectively [4]. - **Zinc**: The spreads were - 5 and 150 respectively, and the theoretical spreads were 156 and 286 respectively [4]. - **Lead**: The spreads were 225 and 205 respectively, and the theoretical spreads were 166 and 280 respectively [5]. Cross - Variety Arbitrage Tracking - **Ratio of Different Metals**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous contracts) were 3.95, 4.16, 5.10, 0.95, 1.23, and 0.77 respectively; for LME (three - continuous contracts), they were 3.61, 3.86, 5.49, 0.93, 1.42, and 0.66 respectively [5].

Report Industry Investment Rating - No information provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on October 29, 2025 [1][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 29, 2025, the domestic spot price was 87,900, the LME spot price was 10,882, and the spot price ratio was 8.12; the domestic three - month price was 86,950, the LME three - month price was 10,902, and the three - month price ratio was 8.06. There was no data on spot import and export profitability [1] - **Zinc**: The domestic spot price was 22,260, the LME spot price was 3,207, and the spot price ratio was 6.94; the domestic three - month price was 22,335, the LME three - month price was 3,036, and the three - month price ratio was 5.73. The equilibrium ratio for spot import was 8.47, with a loss of 4,911.54 [1] - **Aluminum**: The domestic spot price was 21,160, the LME spot price was 2,863, and the spot price ratio was 7.39; the domestic three - month price was 21,180, the LME three - month price was 2,861, and the three - month price ratio was 7.42. The equilibrium ratio for spot import was 8.31, with no profitability data [1] - **Nickel**: The domestic spot price was 123,450, the LME spot price was 14,978, and the spot price ratio was 8.24. The equilibrium ratio for spot import was 8.15, with a loss of 1,509.48 [1] - **Lead**: The domestic spot price was 17,225, the LME spot price was 1,978, and the spot price ratio was 8.71; the domestic three - month price was 17,365, the LME three - month price was 2,014, and the three - month price ratio was 11.11. The equilibrium ratio for spot import was 8.71, with no profitability data [3] Cross - Period Arbitrage Tracking - **Copper**: On October 29, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were - 1410, - 1440, - 1430, and - 1500 respectively, while the theoretical spreads were 544, 986, 1437, and 1888 respectively [4] - **Zinc**: The spreads were 0, 25, 40, and 75 respectively, and the theoretical spreads were 215, 335, 456, and 576 respectively [4] - **Aluminum**: The spreads were - 165, - 125, - 110, and - 110 respectively, and the theoretical spreads were 218, 336, 455, and 573 respectively [4] - **Lead**: The spreads were - 170, - 160, - 160, and - 80 respectively, and the theoretical spreads were 213, 321, 430, and 539 respectively [4] - **Nickel**: The spreads were - 1500, - 1320, - 1100, and - 800 respectively [4] - **Tin**: The 5 - 1 spread was - 940, and the theoretical spread was 5858 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were 515 and - 895 respectively, and the theoretical spreads were 415 and 695 respectively [4] - **Zinc**: The spreads were 50 and 50 respectively, and the theoretical spreads were 146 and 276 respectively [4] - **Lead**: The spreads were 300 and 130 respectively, and the theoretical spreads were 181 and 295 respectively [5] Cross - Variety Arbitrage Tracking - On October 29, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (triple - continuous) were 3.89, 4.11, 5.01, 0.95, 1.22, and 0.78 respectively, and for London (triple - continuous) were 3.61, 3.81, 5.45, 0.95, 1.43, and 0.66 respectively [5]

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on October 28, 2025, including domestic and LME prices, ratios, equilibrium ratios, profits, spreads, and theoretical spreads [1][4][5]. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 28, 2025, the domestic spot price was 88210, LME spot price was 11036, with a ratio of 7.94; the domestic March price was 88360, LME March price was 11060, with a ratio of 7.98. The equilibrium ratio for spot import was 8.07, and the profit was - 797.43 [1]. - **Zinc**: The domestic spot price was 22210, LME spot price was 3251, with a ratio of 6.83; the domestic March price was 22390, LME March price was 3039, with a ratio of 5.74. The equilibrium ratio for spot import was 8.48, and the profit was - 5375.30 [1]. - **Aluminum**: The domestic spot price was 21160, LME spot price was 2890, with a ratio of 7.32; the domestic March price was 21380, LME March price was 2887, with a ratio of 7.36. The equilibrium ratio for spot import was 8.32, and the profit was - 2886.43 [1]. - **Nickel**: The domestic spot price was 124400, LME spot price was 15155, with a ratio of 8.21. The equilibrium ratio for spot import was 8.17, and the profit was - 1527.44 [1]. - **Lead**: The domestic spot price was 17275, LME spot price was 1984, with a ratio of 8.70; the domestic March price was 17525, LME March price was 2018, with a ratio of 11.06. The equilibrium ratio for spot import was 8.72, and the profit was - 49.75 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 670, 660, 680, and 610 respectively, while the theoretical spreads were 541, 979, 1427, and 1874 [4]. - **Zinc**: The spreads were 50, 75, 110, and 120, and the theoretical spreads were 215, 335, 456, and 576 [4]. - **Aluminum**: The spreads were 155, 175, 175, and 175, and the theoretical spreads were 217, 335, 453, and 571 [4]. - **Lead**: The spreads were - 115, - 110, - 120, and - 190, and the theoretical spreads were 213, 322, 432, and 541 [4]. - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 540, 700, 870, and 1080 [4]. - **Tin**: The 5 - 1 spread was 200, and the theoretical spread was 5928 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were - 485 and 185, and the theoretical spreads were 287 and 872 [4]. - **Zinc**: The spreads were 105 and 155, and the theoretical spreads were 153 and 302 [5]. - **Lead**: The spreads were 360 and 245, and the theoretical spreads were 194 and 309 [5]. Cross - Variety Arbitrage Tracking - On October 28, 2025, for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc, the Shanghai (three - continuous) ratios were 3.95, 4.13, 5.04, 0.95, 1.22, and 0.78 respectively, and the London (three - continuous) ratios were 3.60, 3.82, 5.44, 0.94, 1.42, and 0.66 [5].

1. Report Industry Investment Rating - No information provided 2. Core View - The report mainly presents the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data of non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 23, 2025 [1][4][5] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 23, 2025, the domestic spot price was 84980, LME spot price was 10663, and the spot ratio was 8.01. The domestic March price was 85370, LME March price was 10669, and the March ratio was 7.96. The equilibrium ratio for spot import was 8.09 [1] - **Zinc**: The domestic spot price was 21910, LME spot price was 3350, and the spot ratio was 6.54. The domestic March price was 22040, LME March price was 3011, and the March ratio was 5.70. The equilibrium ratio for spot import was 8.49, with a profit of - 6539.20 [1] - **Aluminum**: The domestic spot price was 20980, LME spot price was 2800, and the spot ratio was 7.49. The domestic March price was 21050, LME March price was 2797, and the March ratio was 7.50. The equilibrium ratio for spot import was 8.37, with a profit of - 2452.65 [1] - **Nickel**: The domestic spot price was 123500, LME spot price was 14998, and the spot ratio was 8.23. The equilibrium ratio for spot import was 8.19, with a profit of - 1463.49 [1] - **Lead**: The domestic spot price was 16975, LME spot price was 1953, and the spot ratio was 8.70. The domestic March price was 17185, LME March price was 1993, and the March ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a profit of - 232.67 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 40, - 10, - 40, - 80 respectively, while the theoretical spreads were 529, 956, 1392, 1828 respectively [4] - **Zinc**: The spreads were 15, 55, 70, 100 respectively, and the theoretical spreads were 213, 332, 451, 570 respectively [4] - **Aluminum**: The spreads were 30, 35, 35, 35 respectively, and the theoretical spreads were 216, 333, 450, 567 respectively [4] - **Lead**: The spreads were 15, 25, 35, 40 respectively, and the theoretical spreads were 211, 318, 424, 531 respectively [4] - **Nickel**: The spreads of次月 - spot month, March - spot month, April - spot month, and May - spot month were 260, 440, 590, 790 respectively [4] - **Tin**: The 5 - 1 spread was - 620, and the theoretical spread was 5833 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month contract - spot and the next - month contract - spot were 445 and 485 respectively, and the theoretical spreads were 487 and 963 respectively [4] - **Zinc**: The spreads were 75 and 90 respectively, and the theoretical spreads were 176 and 304 respectively [4] - **Lead**: The spreads were 185 and 200 respectively, and the theoretical spreads were 186 and 299 respectively [5] Cross - Variety Arbitrage Tracking - On October 23, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.87, 4.06, 4.97, 0.96, 1.22, 0.78 respectively, and for London (three - continuous) were 3.53, 3.80, 5.34, 0.93, 1.41, 0.66 respectively [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report Steel Industry - Steel prices are difficult to decline in resonance considering the strong coal prices. It is recommended to wait and see on a single - side basis. One can consider a long - carbon and short - iron arbitrage, such as going long on coking coal and short on hot - rolled coils. The spread between hot - rolled coils and rebar will continue to converge, and steel mill profits will continue to converge before the clearance of steel production and inventory [2] Ore Industry - The iron ore market is shifting from a balanced and tight state to a more relaxed one. Affected by the weak performance of finished steel, it is recommended to wait and see on a single - side basis, with a reference range of 750 - 800. An arbitrage strategy of going long on coking coal and short on iron ore is recommended [5] Coke Industry - Coke futures showed an oscillating upward trend. The second - round price increase by mainstream coking enterprises is in progress. Due to factors such as tight coking coal supply and weak downstream demand, the price increase is not going smoothly. It is recommended to go long on coke 2601 at low levels, with a reference range of 1650 - 1770, and consider a long - coking - coal and short - coke arbitrage [8] Coking Coal Industry - Coking coal futures showed an oscillating upward trend. The spot market is on an upward trend. Due to production cuts in some mines and a decline in Mongolian coal imports, supply is tight. It is recommended to go long on coking coal 2601 at low levels, with a reference range of 1150 - 1300, and consider a long - coking - coal and short - coke arbitrage [8] 3. Summary by Relevant Catalogs Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices generally increased. For example, rebar 01 contract increased by 21 yuan/ton, and hot - rolled coil 01 contract increased by 28 yuan/ton [2] Cost and Profit - Steel billet price increased by 10 yuan/ton, while some steel production costs decreased. Profits of various steel products generally decreased, with the East China hot - rolled coil profit decreasing by 6 yuan/ton [2] Supply - Daily average pig iron output decreased by 0.6 tons, a decline of 0.3%. The output of five major steel products decreased by 6.4 tons, a decline of 0.7%. Among them, rebar output decreased by 2.2 tons, a decline of 1.1%, and hot - rolled coil output decreased by 1.5 tons, a decline of 0.4% [2] Inventory - The inventory of five major steel products decreased by 18.5 tons, a decline of 1.2%. Rebar inventory decreased by 18.6 tons, a decline of 2.8%, while hot - rolled coil inventory increased by 6.3 tons, an increase of 1.5% [2] Transaction and Demand - Building materials trading volume increased by 0.6, an increase of 6.3%. The apparent demand of five major steel products increased by 124.0 tons, an increase of 16.5%. The apparent demand of rebar increased by 66.6 tons, an increase of 43.5%, and that of hot - rolled coils increased by 20.5 tons, an increase of 7.0% [2] Ore Industry Iron Ore - Related Prices and Spreads - The inventory cost of various iron ore powders increased slightly, and the basis of some varieties changed. For example, the basis of 01 contract for Jinbuba powder increased by 5.2 yuan/ton, an increase of 8.1% [6] Spot Prices and Price Indexes - The spot prices of various iron ore powders in Rizhao Port increased slightly, with the Jinbuba powder increasing by 9.0 yuan/ton, an increase of 1.2% [6] Supply - The weekly arrival volume at 45 ports decreased by 526.4 tons, a decline of 17.3%, while the global weekly shipping volume increased by 126.0 tons, an increase of 3.9% [6] Demand - The daily average pig iron output of 247 steel mills decreased by 0.6 tons, a decline of 0.2%. The daily average port clearance volume at 45 ports decreased by 20.7 tons, a decline of 6.1% [6] Inventory Changes - The inventory at 45 ports increased by 90.6 tons, an increase of 0.6%, while the imported iron ore inventory of 247 steel mills decreased by 63.5 tons, a decline of 0.7% [6] Coke Industry Coke - Related Prices and Spreads - Coke futures prices increased, with the 01 contract increasing by 38 yuan/ton, an increase of 2.2%. The basis of some contracts decreased, and the spread between 01 and 05 contracts changed slightly [8] Supply - The weekly output of coke decreased, with the daily average output of all - sample coking plants decreasing by 0.8 tons, a decline of 1.3% [8] Demand - The weekly pig iron output decreased, with the pig iron output of 247 steel mills decreasing by 0.6 tons, a decline of 0.2% [8] Inventory Changes - Coke inventory decreased overall, with the inventory of all - sample coking plants decreasing by 6.6 tons, a decline of 10.3%, and that of 247 steel mills decreasing by 11.4 tons, a decline of 1.7% [8] Coke Supply - Demand Gap Changes - The coke supply - demand gap decreased, with a decrease of 1.0 tons [8] Coking Coal Industry Coking Coal - Related Prices and Spreads - Coking coal futures prices increased, with the 01 contract increasing by 33 yuan/ton, an increase of 2.8%. The basis of some contracts decreased, and the spread between 01 and 05 contracts changed slightly [8] Supply - The weekly output of coking coal decreased. Due to safety reasons and other factors, production in some mines decreased significantly. The output of raw coal decreased by 18.2 tons, and the output of clean coal decreased by 11.8 tons [8] Demand - The demand for coking coal is mainly reflected in the coke production, which decreased slightly. The daily average output of all - sample coking plants decreased by 0.8 tons, a decline of 1.3% [8] Inventory Changes - Coking coal inventory decreased in some parts and increased in others. The clean coal inventory of Fenwei mines decreased by 11.0 tons, a decline of 9.9%, while the inventory of all - sample coking plants increased by 38.3 tons, an increase of 4.0% [8]

Report Industry Investment Rating - Not mentioned in the provided content Report's Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 22, 2025 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 22, 2025, the domestic spot price was 85720, the LME spot price was 10639, and the spot import equilibrium ratio was 8.09. The domestic three - month price was 85350, and the LME three - month price was 10670 [1] - **Zinc**: The domestic spot price was 21950, the LME spot price was 3278, and the spot import equilibrium ratio was 8.50 with a loss of 5922.81. The domestic three - month price was 22000, and the LME three - month price was 2979 [1] - **Aluminum**: The domestic spot price was 20970, the LME spot price was 2771, and the spot import equilibrium ratio was 8.37 with a loss of 2234.72. The domestic three - month price was 20975, and the LME three - month price was 2770 [1] - **Nickel**: The domestic spot price was 123950, the LME spot price was 15009, and the spot import equilibrium ratio was 8.19 with a loss of 1173.88 [1] - **Lead**: The domestic spot price was 16975, the LME spot price was 1947, and the spot import equilibrium ratio was 8.83 with a loss of 181.73. The domestic three - month price was 17155, and the LME three - month price was 1987 [3] Cross - Period Arbitrage Tracking - **Copper**: On October 22, 2025, the spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 20, - 30, - 60, - 60 respectively, while the theoretical spreads were 529, 956, 1392, 1828 [4] - **Zinc**: The spreads were 115, 145, 180, 220, and the theoretical spreads were 212, 331, 449, 567 [4] - **Aluminum**: The spreads were 75, 85, 95, 95, and the theoretical spreads were 215, 332, 448, 565 [4] - **Lead**: The spreads were 95, 95, 100, 160, and the theoretical spreads were 210, 317, 423, 529 [4] - **Nickel**: The spreads were 670, 820, 950, 1230 [4] - **Tin**: The spread between the 5 - month and 1 - month contracts was - 150, and the theoretical spread was 5818 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 325 and - 305 respectively, while the theoretical spreads were 398 and 874 [4] - **Zinc**: The spreads were - 95 and 20, and the theoretical spreads were 153 and 299 [4] - **Lead**: The spreads were 85 and 180, and the theoretical spreads were 175 and 289 [5] Cross - Variety Arbitrage Tracking - On October 22, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.88, 4.07, 4.98, 0.95, 1.22, 0.78 respectively, and in London (three - continuous) were 3.54, 3.81, 5.32, 0.93, 1.40, 0.67 [5]

Group 1: Stock Index Futures Market Overview - The main performance of the four major index futures contracts showed a decline, with the CSI 500 index futures experiencing the largest drop of -5.32%, while the SSE 50 index futures had the smallest decline of -0.32% [3][11] - Average trading volumes for the current, next, and seasonal contracts of IC, IF, and IH increased, with IH showing the largest increase of 23.91% [3][11] - As of last Friday's close, the annualized basis rates for the current contracts of IF, IC, IM, and IH were -3.60%, -12.20%, -12.83%, and -0.90% respectively, indicating a deepening of the basis for IF and IC, while IH shifted from premium to discount [3][11] Group 2: Cross-Period Price Differences - The cross-period price difference rates for the current contracts of IF, IC, IM, and IH were at the 92.30%, 97.70%, 92.80%, and 85.30% percentiles since 2019 [4][12] - Currently, there are no arbitrage opportunities for the main IF contract and the next month contract based on the closing prices [4][12] - The estimated impact of dividends on the CSI 300, CSI 500, SSE 50, and CSI 1000 indices over the next year is projected to be 76.75, 82.44, 68.62, and 63.50 points respectively [4][12] Group 3: Recent Sell-Side Strategy Insights - Seven brokerages are optimistic about the A-share market outlook, while six believe that policy expectations and liquidity easing will support the market [5][49] - There is a consensus among brokerages regarding the AI industry chain, non-ferrous metals, deep technology, green transformation, modern services, and high-dividend assets [5][49] - Divergence exists among brokerages regarding market trends, with some expecting a stable or slow bull market while others anticipate short-term adjustments [5][52]

Report Overview - The report is a colored arbitrage morning report by the colored team of the research center on October 21, 2025, covering cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking for multiple metals including copper, zinc, aluminum, lead, nickel, and tin [1][2][4] Cross - Market Arbitrage Tracking Copper - The domestic spot price is 85,650, the LME spot price is 10,656; the domestic March price is 85,360, the LME March price is 10,680, with a ratio of 8.04. The spot import profit is - 888.92 [1] Zinc - The domestic spot price is 21,870, the LME spot price is 3,178, with a ratio of 6.88; the domestic March price is 21,880, the LME March price is 2,948, with a ratio of 5.80. The spot import profit is - 5,169.01 [1] Aluminum - The domestic spot price is 20,930, the LME spot price is 2,782, with a ratio of 7.52; the domestic March price is 20,920, the LME March price is 2,777, with a ratio of 7.54 [1] Lead - The domestic spot price is 16,900, the LME spot price is 1,935, with a ratio of 8.75; the domestic March price is 17,100, the LME March price is 1,977, with a ratio of 11.08 [3] Nickel - The domestic spot price is 123,550, the LME spot price is 14,935, with a ratio of 8.27. The spot import profit is - 1,445.62 [1] Cross - Period Arbitrage Tracking Copper - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 990, 970, 900, 890 respectively, while the theoretical spreads are 524, 946, 1377, 1808 [4] Zinc - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 35, 65, 90, 130 respectively, and the theoretical spreads are 212, 330, 448, 566 [4] Aluminum - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 25, 35, 40, 45 respectively, and the theoretical spreads are 215, 332, 448, 565 [4] Lead - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 15, 25, 60, 100 respectively, and the theoretical spreads are 210, 317, 423, 530 [4] Nickel - The spreads of次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 300, - 60, 180, 380 respectively [4] Tin - The 5 - 1 spread is - 460, and the theoretical spread is 5791 [4] Spot - Futures Arbitrage Tracking Copper - The spreads of the current - month contract - spot and the next - month contract - spot are - 1215 and - 225 respectively, and the theoretical spreads are 279 and 897 [4] Zinc - The spreads of the current - month contract - spot and the next - month contract - spot are - 55 and - 20 respectively, and the theoretical spreads are 169 and 296 [4] Lead - The spreads of the current - month contract - spot and the next - month contract - spot are 175 and 190 respectively, and the theoretical spreads are 192 and 305 [5] Cross - Variety Arbitrage Tracking - For copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc, the Shanghai (three - continuous) ratios are 3.90, 4.08, 4.99, 0.96, 1.22, 0.78 respectively, and the London (three - continuous) ratios are 3.60, 3.87, 5.37, 0.93, 1.39, 0.67 respectively [5]